The Fed's officials were worried at the meeting that their individual projections for short-term interest rates could be misleading. Some officials pushed up their projections for rates in 2015 and 2016, which would be made public in the Fed’s release of projections with its official policy statement.The FOMC minutes should cast light on the committee's thinking regarding the further tapering of its quantitative easing program, currently worth $55 billion per month. Today traders eye G20 meeting.The Group of 20 major economies have promised to target a two percentage point increase in the global growth rate over five years and create tens of millions of jobs worldwide.
Fed officials discussed at length the continued run of inflation below the central bank’s 2% objective. Some officials wanted to make it clearer in their policy statement that the Fed wouldn’t tolerate low inflation and they agreed to monitor the data carefully. Fed officials agreed that they would likely keep short-term interest rates low well into the future. Officials appeared to have become a bit more concerned about the economic outlook in China.
Technical view-
The metal is trading at $1,315 levels in Asia's trading session. The metal is facing strong resistance at $1,317, which was a break up level for more upside for $,1326 and $1,342. As we recommended in yesteraday's report, until the metal trades above the $1,300 levels, bulls will have an upper hand. The same was done during yesterday's trading session. In today's trading session I expect the metal to step back towards $1,310, $1,308, and even $1,300 levels, before it move further up. For hourly trade if the metal will become weak below $1,314, it will drift up to $1,310. If it breaks $1,310, then the strong support level exists at $1,308. The level of $1,300 will come only after a break below the $1,308 levels. Panic button will be pressed only below $1,300 towards $1,295; in xase of a break below this, $1,281 is an open target. A day close below $1,300 will trigger panic.
Intraday-
Buy above $1,317 for targets at $1,326.
Safe traders, sell below $1,308 with targets at $1,300.
Risky traders, sell below $1,314 for targets at $1,310, $1,308, and $1,300.
Adopt a strategy and trade safe.
joseph.wind@analytics.instaforex.com
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For detail explanation and best discovery on market trends you may visit via Fundamental analysis of Gold for April 10, 2014 . Thanks for your support on Fundamental analysis of Gold for April 10, 2014
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